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INTERPOL publishes its Financial Fraud Assessment: A global threat boosted by technology

The assessment on global financial fraud highlights how the increased use of technology is enabling organized crime groups to better target victims around the world. The use of AI large language models and cryptocurrencies combined with phishing- and ransomware-as-a-service business models have resulted in more sophisticated and professional fraud campaigns without the need for advanced technical skills, and at relatively little cost…

HM Treasury launches consultation on improving the effectiveness of AML/CTF & transfer of funds regulations

This consultation covers some areas already identified by The Treasury and covers the following themes: making customer due diligence more proportionate and effective, strengthening system coordination, providing clarity on scope of the MLRs, reforming registration requirements for the Trust Registration Service…

UK hosts world leaders for first Global Fraud Summit to explore how law enforcement agencies can work together to enhance the global fight against fraud

A key aim of the summit is to increase partnership work between law enforcement agencies, such as the National Crime Agency, the FBI, INTERPOL, Europol and the Japan National Police Agency. Sharing more intelligence, expertise and resources will help turn the tide against fraudsters.

FCA consults on proposals for a new approach to enforcement investigations and intends to unveil firms that are under investigations

FCA is looking to publicise its enforcement process to increase transparency and is seeking views on how to proceed with this.

 

Companies House marks a significant milestone as it implements the measures under the ECCT Act to improve the quality and reliability of its data

The changes introduced include: greater powers to query information and request supporting evidence, stronger checks on company names, new rules for registered office addresses, a requirement for all companies to supply a registered email address, a requirement for subscribers to confirm they’re forming a company for a lawful purpose when they incorporate…

 

HM Treasury publishes impact assessment relating to the Economic Crime and Corporate Transparency Bill

Impact assessments updated: Economic Crime and Corporate Transparency Bill – Scottish Solicitors Discipline Tribunal financial penalty; Economic Crime and Corporate Transparency Bill – New regulatory objective in the Legal Services Act 2007; Economic Crime and Corporate Transparency Bill – New proactive information request power for the Solicitors Regulation Authority to use in relation to economic crime.

EBA consults Guidelines on redemption plans under the Markets in Crypto-Assets Regulation

Covers guidelines for the plans to orderly redeem asset-referenced or e-money tokens in the event that the issuer fails to fulfil its obligations under the Markets in Crypto assets Regulation (MiCAR)

AUSTRAC commences investigation into online betting company bet365

The investigation will focus on whether bet365 has complied with its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and follows a supervisory campaign of entities within the corporate bookmaker sector and AUSTRAC’s consideration of the external audit report received following AUSTRAC’s order to bet365 to appoint an external auditor.

FCDO releases post-legislative scrutiny memorandum on the Sanctions and AML Act 2018 to review the implementation and effectiveness

FCDO releases review of Sanctions and Anti-Money Laundering Act (SAMLA) 2018: Analysis covers implementation and impact, including case study on Russia sanctions…

Europol publishes EU Drug Markets Analysis 2024 report examining the links between between illicit drugs trade and other crime areas in the EU

The report looks at the links between the illicit drugs trade and other crime areas in the EU, such as the trafficking in firearms, as drug trafficking networks require a range of tools and capacities to facilitate their activities. The EMCDDA and Europol play a central role, supporting Member States and cooperating with third countries to strengthen Europe’s preparedness and response to illicit drug flows.

US DoJ charges man for $10m Covid-19 relief fraud scheme

According to court documents, Craig David Davis, 50, of Marina Del Rey, allegedly submitted fake tax documents and business records to three banks to obtain two Paycheck Protection Program loans and one Main Street Lending Program loan totaling $10,695,300. Davis is charged with four counts of wire fraud. If convicted, he faces a maximum penalty of 20 years in prison on each count…

Home Office publishes annual report on seizures of drugs in England and Wales, financial year ending 2023, (87%) seizures were made by police forces (165,789) and the remaining 13% (25,834) were made by Border Force

Provides an overview of drug seizures made by the police (including the British Transport Police) and Border Force in the year ending 31 March 2023 in England and Wales. The data relates to all drugs controlled under the Misuse of Drugs Act 1971 (MDA) and the Psychoactive Substance Act 2016 (PSA).